The Learning and Exam Clinic
SMART STUDY & PRACTICE PLAN
Achieving a balanced competence scorecard
For P2: Corporate reporting
PART A: Ascertain and Assess Competences to be developed in relation to current competence level
Objectives: to focus explicitly and fully on the assessable competences so that they can be developed adequately.
Ascertain the competences of the P2 syllabus
Intellectual levels and implications for study.
What drives how you prioritise your time and
effort and what you focus on for particular
practice and application?
http://www2.accaglobal.com/pubs/students/acca/exams/p2/syllabus/p2_syllabus2012_int.pdf
Thought processes must match task requirements: e.g. synthesis and evaluation cannot be produced
in the exam through basic understanding and recall alone. Effective study should mean targeting
effort to meeting cognitive levels: knowledge and skill acquisition must be effectively sought
through deliberate practice to achieve clear objectives identified in the competency guide and Skill
Audit Checklist.
PART B: Size up the exam: Analyse exam style and consider implications for study and practice
Objectives: to develop useful insights into the examiner’s intentions and what is critical to meeting those intentions so that study, revision and
practice strategies can be more effectively targeted for maximum success in the minimum of time and effort.
The examiner’s approach interview. Watch or listen to this interview and try to identify the unique approaches to studying and preparing for the exam.
Think about practical applications of these approaches and include them in a plan making specific references to the examiner’s interview to ensure
that you are specifically addressing these recommendations and monitoring their effects on your cognitive and attitudinal development. Make succinct
notes of observations and progress.
http://examinerinterviews.accaglobal.com/2011/P2/index.htm
http://www2.accaglobal.com/students/acca/exams/p2/exam_int/
Analyse the style and content of a sample of
Discuss examples in the competence guide e.g. accounting for derivatives.
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past papers to gauge the examiner’s intentions.
What thinking and professional abilities and
attitudes is he expecting to induce in students?
Discuss examples in December 2011 exams: what strikes you about the exam style and content?
http://www2.accaglobal.com/pubs/students/acca/exams/p2/past_papers/int/p2int_2011_dec_q.pdf
-
Is it possible to pass the exams simply by practising past papers supported by basic
understanding or is in-depth and broad knowledge required?
- How does the examiner assess breadth and depth of understanding? “at each stage of study
there will be a requirement to broaden, as well as deepen capabilities”.
- What do the questions tell us about how we must approach the learning task?
Discuss examples in own workbook. Evaluate how these induce divergent thinking and
circumspection.
- Leasing
- Retirement benefits
PART C: Self-Management: Plan your study timetable objective driven and development oriented
Objectives: to practise effective and efficient self-management in order to achieve balanced and adequate competence development in time for the
exams.
See below for Study Plan
PART D: Evaluate progress regularly (at least weekly) against plan
Objectives: to monitor, evaluate and adapt learning so that identified learning outcomes can be achieved efficiently and robustly (what is learnt is not
forgotten).
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See below for outcome appraisal.
SMART STUDY & PRACTICE PLAN IMPLEMENTATION
Detailed for sessions
For each session deliberately determine the objectives, the tasks and the learning outcomes achieved. Note your observations about learning problems,
achievements, reflections, insights and how you think you can improve.
OUTCOME (what
DATE
15/01/2012
OBJECTIVES
TASKS
EXPECTED
DATE OF
COMPLETION
BY THE END OF JANUARY I SHOULD HAVE COMPLETED THE FOLLOWING PROGRAMME
a) Before you start studying this standard get hold of
1. IAS 27 Consolidated and Separate
copies of group financial statements of Tesco,
Financial Statements: Learn and apply the
Barclays and BBC.
core principles of the standard and the
http://www.tescoplc.com/media/417/tesco_annual_report_2011_fina
l.pdf
related concepts through appropriate and
abundant exercises involving
computation, discourse, recall,
recognition, transfer, evaluation and
b) Try and develop a structured approach to reading
these valuable resources that will broaden and
synthesis.
2. IAS 28 Investments in Associates
3. IAS 31 Interests in Joint Ventures
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deepen your understanding. Use this structured
approach regularly.
c) Study the core principles as set out in the
Text covering changes in the levels of
you achieved and where
you went wrong and
what you did to remedy
learning problems. Log
common mistakes and
attributions of failure)
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4. IFRS3 Business Combinations
interest in an NCI, disposal of a subsidiary
and the derecognition of assets, liabilities
and equity.
d) Study the worked examples
e) Practise with the exercises set to develop
the related competences
f) Write succinct notes and cross references
g) What questions remain un answered?
Review Another group financial report to
solidify your understanding. Update your
notes with new insights gained.
a) Study the core principles as set out in the
Text covering changes in the levels of
interest in an NCI, disposal of a subsidiary
and the recognition of an associate
b) Study the worked examples
h)
22/01/12
5. IAS 28 Investments in Associates: Learn
and apply the core principles of the
standard and the related concepts through
appropriate and abundant exercises
involving computation, discourse, recall,
recognition, transfer, evaluation and
synthesis.
c) Practise with the exercises set to develop
the related competences
d) Write succinct notes and cross references
e) What questions remain un answered?
f)
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Review Another group financial report to
solidify your understanding. Update your
notes with new insights gained.
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22/01/12
6. IAS 27 Consolidated and Separate
Financial Statements Exam practice and
insight. To review all past ACCA
questions and identify the relevant
insights to inform exam preparation
strategy.
22/01/12
7. IAS 31
8. IFRS 3
BY THE END OF FEBRUARY I SHOULD HAVE COMPLETED THE FOLLOWING PROGRAMME
9.
10.
11.
12.
BY THE END OF MARCH I SHOULD HAVE COMPLETED THE FOLLOWING PROGRAMME
13.
14.
15.
a) Review question Analysis and practise all
past questions.
b) Distil the essence of what has been learnt in
the form of succinct notes.
c) Use the Evaluation questions to check
completeness of study of the standard.
d) Answer forward questions for future exams.
A guided approach to using published accounts to deepen understanding of the technical role that standards play in
financial reporting
Objective: to use company accounts as sources of
insights into the ways that standards are implemented
Focus questions
16. Make a list of abstract items that are not meaningful
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Answers
The Learning and Exam Clinic
to you in terms of where they are located in the
financial statements. This is your opportunity to
locate them because these three companies between
them contain everything in the commercial sector.
Remember that presentation needs to be addressed in
discursive questions. Practise in this will help you
develop this competence. Examples are:
-
Where is negative goodwill situated?
Can you find continuing operations?
Can you find discontinued operations?
Impairment of goodwill: is that in profit or loss or in
Other comprehensive Income?
- Recovery of impairment losses. Which items do that
relate to?
- Where is the Other comprehensive Income located?
- Where is deferred tax located?
- Where is pension liability/asset?
17. Where can you find information about the core
principles of the standards that the company uses?
18. Can you identify the standards the company uses?
Remember that the examiner scores for
identification of the correct standard that fits the
nature of the transaction. So get practising.
19. What insights do you gain from the way that the
principles are used and cited? Think about this from
the point of view of the user as well as the preparer
of financial statements not forgetting the
fundamental principles and the qualitative
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characteristics.
For example:
- Are you now clearer about hedge accounting after
reading Tesco’s and Barclay’s very succinct notes?
- Are you now clear about all accounting issues
relating to derivatives as hedging and speculative
instruments? The notes to the financial statements is
a quick way to learn these things! It is called
learning in context. You should remember it longer
because of the context.
- Derecognition of a derivative on expiry
(derecognition of a financial instrument IAS 39)
20. Disclosures: what disclosures are made and why?
21.
PART D: Evaluate progress regularly (at least weekly) against Smart Study Plan
Assessment levels
Now I can do if
prompted. I am hesitant.
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Now I can do with some prompting
and I can apply knowledge to
familiar contexts.
Now fully internalised: I can do this
now with confidence and I am able
to apply the skills and knowledge to
unfamiliar contexts.
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ACCOUNTING AND REPORTING PRINCIPLES
AND PRACTICE
Understands accounting principles and the qualitative
characteristics of financial reports and can competently apply
them
Able to apply and discuss fundamental accounting
principles to a wide range of transactions.
Able to apply and evaluate qualitative characteristics of
financial statements.
Able to link accounting principles to accounting bases and
accounting policies of published accounts.
Able to identify the accounting principles underpinning
accounting standards.
Able to link fundamental accounting principles to
qualitative characteristics and discuss the relationships and
their impact on corporate reporting.
DEVELOPMENTS IN ACCOUNTING PRACTICE
Fully up to date with developments in financial reporting and can
evaluate alternative accounting practices to determine suitability
Gain technical insights into new standards and exposure
drafts.
Can apply core principles of standards to relevant elements
of financial statements.
Able to assess validity of standard accounting practice based
on sound knowledge of the standard and awareness of
commercial conditions.
Keeps abreast of technical developments and current issues
by reading the IFRS website.
Read accounting journals, financial press and published
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The Learning and Exam Clinic
financial statements to deepen understanding of accounting
practice and its theoretical underpinning.
BUSINESS CONTEXT
Able to analyse and evaluate business context to identify,
prioritise and resolve accounting issues.
Understands business conditions and events that generate
transactions to be accounted for.
Understands business model and its impact on accounting
policy and its relevance to financial reporting. E.g. an
accounting policy has to fit the business model otherwise it
would not produce reliable information.
Understands management’s role in developing accounting
practice.
Understands business priorities and the inherent conflict
engendered in accounting and financial reporting. E.g.
conflict between relevance and reliability.
Appreciates the importance of financial and accounting
control and accountability
CRITICAL THINKING AND JUDGEMENT
Can reason within accounting principles and resolve accounting
issues, applying critical thinking and judgement appropriately
Can interprete business transactions accurately in
accounting terms.
Can analyse business context logically and identify issues
accurately identifying the relevant standards and principles.
Can synthesise analysis and resolve accounting issues
competently
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Can appraise conditions critically and explore alternative
accounting treatments.
ETHICALLY PROFICIENT AND COMMITTED
Ethically aware and appreciates requirements of professional
behaviour
Can identify ethical issues and explain the professional
standards relevant to those issues
Can identify and explain professional strategies for dealing
with ethical challenges
Understands the limitations of business ethics and
approaches professional ethical conduct with sense of
responsibility to stakeholders and the wider public.
Understands corporate social responsibility
Can identify and appraise efficacy of corporate social
responsibility from corporate reports.
PROFESSIONAL COMMUNICATION
Can present answers professionally (with skill, style and
judgement)
Can write clear and concise answers with careful reasoning
about information and issues to resolve accounting
problems.
Integrates various elements into a coherent answer using
structure and accounting arguments to persuade, inform and
advise.
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